Petroperú is more profitable than its private sector competitors

In recent weeks, an analysis without peer review that indicates that Petroperú’s accumulated losses between 1990 and 2022 amount to S/14.7 billion in 2009 (equivalent to S/22.1 billion in 2022) has served to declare that the oil company is a company that “it generates nothing but losses.”

The economic result presented claims to show the net profit minus the interest that the state company must pay for its various commitments (say, the Talara refinery). The researcher of the UNMSM Jorge Manco Zaconetti states, however, that “the complete photograph must be shown”, with the results of its financial statements compared to the model that is intended to be questioned, the private one.

According to the teacher, Petroperú’s plant operations have been, since 1997, historically more profitable than those of the La Pampilla Refinery (Relapasa), operated by its closest competitor, Repsol.

For example, in 2022 alone, the state-owned company, with its refinery stopped for modernization, recorded a net loss of US$278 million due to high fuel prices and the war. However, Relapasa, which was operating at 100%, recorded a loss of US$218 million, with operating and net losses.

“And where are the refining margins? That gives you an idea of ​​the interested management he has. Repsol to remit profits to Spain,” he explained.

When comparing the results year by year, Manco explains that the balance tips for Petroperú. Another example: in 2019, it had profits of US$171 million, while Relapasa reported losses of US$167 million.

This, without taking into account that the oil company had to stop, despite its subsidiary role of bringing energy to where private companies do not reach, the operations of its complex, which now has 16 production units. In contrast, Relapasa was modernized with less than US$800 million, and today operates with 4 units.